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Referendum – what to expect from Courtiers

| Investment | By Caroline Shaw

As we go to the polls tomorrow, we thought an update on how we are preparing and how we are positioned in Courtiers Funds would be appropriate for our clients.

Courtiers is prepared for Brexit, the most volatile outcome for the global markets. We have some put options in place in the Cautious Risk and Balanced Risk Funds, providing some protection in the event of a significant stock market downturn.

We are long the US dollar (meaning we will make money if it appreciates against sterling), as it is the pound that is likely to take a battering in the event of a vote to leave the EU. While we can and have worked to alleviate risk, we cannot remove it completely from the portfolios since it would lead to heavy under-performance if Remain wins the day.

This week we have slightly reduced risk by taking profits on call options that have risen in value as markets have moved upwards over the last few days. This leaves us with some cash to spend should the Leave vote win, markets tumble and opportunities arise.

Looking ahead…

Our Investment Team will be monitoring the outcome throughout Thursday evening and will become active early on Friday morning. As early as 04:00 am there may be an indication of whether our future lies within the EU or outside it. Whatever the result, we aim to have a bulletin out to our clients on Friday 24th before 8am.

Caroline Shaw CFA, MEng (Hons), Dip PFS, IMC, Chartered MCSI

Head of Fund & Asset Management

Warning – the views expressed by Courtiers in this summary and any video and video transcripts, are reached from our own research. Courtiers cannot accept responsibility for any decisions taken as a result of reading this document, watching the featured video or reading the video transcript and investors are recommended to take independent professional advice before effecting transactions. The price of stocks, shares and funds, and the income from them, may fall as well as rise. Past performance is not necessarily a guide to future returns.

We do not endorse nor accept responsibility for the content of any website not operated by Courtiers which you may visit by following a link from this article.

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